Gold futures little changed ahead of US payrolls data

Posted By: Religare
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Gold futures were trading on a flattish note in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of a report which may show a pickup in US jobs last month, signaling an improving labour market in the world's biggest economy, boosting the case for the US Federal Reserve to continue paring its monthly bond buying program, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.

Further, assets in the SPDR Gold Trust, the world's biggest bullion-backed exchange traded product (ETP) shrank to the lowest level in five years, signaling weak investment demand for gold.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,572 per 10 grams, down by 0.03 per cent, after opening at Rs. 28,597, against the previous closing price of Rs 28,580. It touched an intra-day low of Rs 28,553. (At 11:14 AM).

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